When the universe closes a door, it opens a window. The same could be said for Bed Bath and Beyond’s beloved 20% off coupon program. As the store announced the program’s demise, it began rolling out a $29 annual membership program that would entitle shoppers to a 20% discount each purchase.
Die-hards fans can benefit from this program, but casual Bed Bath and Beyond shoppers may choose to buy without the coupons or ditch the home goods store altogether.
We asked US adult (18+) for reactions to the new Bed Bath and Beyond program:
At first glance, it looks like the program is an inconvenience to current Bed Bath & Beyond shoppers. 19% plan to stop shopping at the store after the demise of the coupon. 16% will still shop there, but will not participate in the program.
That’s good and bad news for Bed Bath and Beyond. The store will keep some customers, but without a membership program, they could shop around for deals and lose customers.
Bed Bath and Beyond will also have to keep both brand and price in mind as it considers what customers the store wants to target.
The 3% do not shop at Bed Bath and Beyond but will consider it now because of the membership program. 46% of those shoppers value price of a household product over the brand. The membership program could help them save in the future.
There’s a similar narrative for those who haven’t shopped there and say the membership program won’t change that. These shoppers consider price over brand. Bed Bath and Beyond could entice these two groups to shop with a discounted yearly membership–similar to an Amazon Prime Student Account.
19% those who shop at the store now, but are not interested in the program, weigh brand over the price of a product. Bed Bath and Beyond will need to continue to carry a variety of brands to keep shoppers.
Working on both of these ideas might also convince the 16% who will still shop at Bed Bath and Beyond, just without coupons, to join the program. With that membership fee, it’s more likely they’ll become repeat Bed Bath and Beyond customers.
The store will have to walk a fine line between brand selection and affordability to appeal to these customer preferences.